Cipher Mining has announced the purchase of 11,000 bitcoin mining rigs from Canaan Inc. in order to boost its computing power to 7.2 EH/s when installed. The energization is expected by the end of Q3, and the miner has the potential to reach 8.2 EH/s by the end of the year. Cipher's net loss per share fell by more than half in Q1 2023 compared to the same period last year, and the miner expects an average price of $0.027 per kWh of electricity across its portfolio. Canaan saw its sales dwindle throughout the year, outcompeted by other manufacturers while the market overall was depressed. As of pre-market trading, Cipher's stock was up over 6% at $2.07.

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